Euro Ministers Reach Agreement on Second Greek Bailout Package
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Euro-area finance ministers reached agreement on a second bailout package for Greece that is vital to staving off a default next month.
The deal includes a 53.5 percent writedown for investors in Greek bonds, Luxembourg’s Jean-Claude Juncker, who led the meeting, told reporters early this morning. Debt-swap bonds will have a coupon of 2 percent in 2014, rising to 3 percent in 2015-2020 and to 4.3 percent after that, he said.